The Federal Tax Credits Blog

Question: Can a military new home owner bought in 2009, rent it out during 2010 deployment and still claim 8K tax credit?

Answer: If you are deployed overseas, the following applies.

1. Section 36 does not provide any recapture exceptions for military personnel who get deployed and sell their homes within 36 months from the purchase date. If the taxpayer does not sell the residence, then the military deployment may be considered a “temporary absence” and the home may still be the taxpayer’s principal residence if the taxpayer intends to return to the residence after the deployment.

2. If the taxpayer intends to return to the residence after the deployment, the residence may still be the taxpayer’s principal residence even if the taxpayer rents out the residence.

3. The taxpayer may arrange for a “caretaker” or “house-sitter” during a temporary absence.

http://www.cnyrealtor.com/news/2009/aug/tax-credit-and-military-deployment

Ten Questions for Tea Partiers

Ten Questions for Tea Partiers

Kansas City REMAX realtors Know the NEW 2009 2010 Tax Credit for first time and existing home buyers

Question: Am I eligible for $15000 Tax Credit (if it’s made into a law)?

I’m buying a house which is gonna be my principal residence( I’m currently living in Apt) and the closing date is Feb 19th. But I have a condo in the other state which I’m renting out (I couldn’t sell it when I moved here so I ended up renting it. )
Am I gonna be eligible for $15000 tax credit if I buy house for my primary residence even if I already have a condo? and another question is is that should I postpone my closing date until it becomes the law?

Thank you.

Answer: Janet,

In reading the bill being proposed to the Senate as long as you are purchasing this home as your primary residence within a year of the passage of the bill then you are eligible. If you can push your closing date back until the law becomes effective this would be the best course of action as closings prior to the passage date of the bill will not be eligible. Your other property will not interfere with this tax credit.

Tax review urges overhaul on VAT

Value Added Tax (VAT) should be applied to most goods in the UK, a report by the Institute for Fiscal Studies says.

Explaining The “Move Up Buyer” Tax Credit

Question: FTHB tax credit extended thru May ’10 & current HO credit added: Should I move up the date I list my house?

I’ve always been under the impression that spring is the best time to list a house for sale. I listed my house in April ’09 hoping to sell it before my son entered school as we’ll be moving a few cities away. It didn’t sell so I took it off the market in September and planned to re-list in March 2010. Now that the tax credit has been extended thru May, should I move my listing date to January to maximize those looking to use the tax credits? I definitely want to wait until after the holidays but don’t want it to sit on the market forever waiting for the spring shoppers. Thoughts? Thanks a bunch for your input!

Answer: Regardless of when you decide to re-list your house, there was a reason it didn’t sell last summer. So it really doesn’t matter when you decide to re-list it until you can come to terms with what is holding off the buyers. Last summer the buyers had the tax incentive too so you can’t use the expiration date of the tax credit as reasoning for the right time to list. If you are really interested in selling, lower the price an make it available now. Sorry to be so blunt.

Build America Bond Prospects Grow Dimmer After Republican Gains

The Republican landslide in U.S. House elections may derail efforts to extend the Build America Bond program, a part of President Barack Obama’s stimulus that has helped pump $158 billion into local public-works projects.

Reasons to Buy A Home

Question: Can we take “double credit” for OUR deductions on April 15?

Since barry’s ivory tower bean counters DOUBLE COUNTED the Medicare savings, and Treasury Secretary Tim Geithner got a pass on his Turbo Tax fiasco, and the House wants to “deem” 0bamacare to have passed WITHOUT A VOTE, it seems like we should at LEAST be able to double count our deductions this year….

Answer: You can try but the IRS will slap your fingers for it.

Panel Seeks Social Security Cuts and Tax Increases

WASHINGTON — The chairmen of President Obama’s bipartisan commission on reducing the national debt outlined a politically provocative and economically ambitious package of spending cuts and tax increases on Wednesday, igniting a debate that is likely to grip the country for years.

Ark of the Covenant? Climate Change Vote Passed by House! CARBON TAX! ALERT-SEE MORE INFO!